REGINA, SASKATCHEWAN -- (Marketwire) -- 06/14/10 -- Aura Bio Corp. ('Aura') (OTCBB: AUBC), is pleased to announce that its partner, Tolao Energy Nigeria ('Tolao'), intends to raise $10,000,000 USD. Tolao has entered into initial discussions with Capital Bancorp Limited of Nigeria ('CBL') to secure the funding. CBL is one of the foremost financial and professional services providers in Nigeria. CBL is a Central Bank of Nigeria licensed multidisciplinary finance house and a member of the Nigerian Stock Exchange. The company is registered with the Nigerian Securities and Exchange Commission as an Issuing House, Investment Advisor, Broker/Dealer and Portfolio Manager.
'CBL has identified that the bio-fuel production from the proposed Tolao biodiesel project is something that they believe will be in great demand,' stated Harry Lappa, President of Aura. 'We find the fact that CBL has indicated such a keen interest in participating in this project to be very encouraging.'
The proposed project includes the development of a biodiesel plant with an initial annual production capacity of 37.5 million liters, with the intent of increasing annual production to over 70 million liters within the first 12 months of production. The project will ultimately involve the use of up to 3,000 hectares of arable land suitable primarily for the purpose of Jatropha feedstock cultivation and bio-fuel production.
Aura Bio Corp. is a company focusing on developing and investing in clean energy projects. Further information on Aura Bio Corp. is available at www.aurabiocorp.com.
Except for the historical information contained herein, the matters discussed in this press release are forward-looking statements. Actual results may differ materially from those described in forward-looking statements and are subject to risks and uncertainties. See Aura Bio Corp.'s filings with the Securities and Exchange Commission which identify specific factors that may cause actual results or events to differ materially from those described in the forward-looking statements. We seek safe harbor.